Enacted legislation - Moving Ahead for Progress in the 21st Century or MAP-21 has established the concept of State of Good Repair. This legislation requires public transportation agencies receiving federal assistance or grant money to develop an asset management plan. This plan needs to touch on several elements including the agency’s inventory, condition assessment, and investment prioritization. The Transit Asset Management Plan and its framework is designed to achieve a state of good repair – a condition in which assets are fit for the purpose for which they were intended. Transit assets are rolling stock, right-of-way, stations, facilities, systems, and equipment. An asset category is defined as a primary grouping of asset classes. Asset classes are rail and rubber-wheeled vehicles.
The Transit Asset Management Plan is a living document that incorporates processes, activities and tools necessary to give an organization the ability to manage the efficient use of its transit assets. Organizations must have a clear understanding of how they fit together in a comprehensive, systematic and cohesive way. This plan outlines how people, processes and tools come together to address asset management policy and goals, objectives, activities, roles, responsibilities and timelines.